金融集聚对城市经济增长溢出作用的空间计量分析——基于山西省11个地级市的数据

Spatial Econometric Analysis of the Spillover Effect of Financial Agglomeration on Urban Economic Growth:Based on the Data of 11 Prefecture-Level Cities in Shanxi Province

基于山西省11个地级市2011-2018年的面板数据,通过采用空间滞后模型(SAR)、空间误差模型(SEM)和空间杜宾模型(SDM)来检验银行、保险、证券金融集聚对经济增长的空间溢出效应。结果表明,空间杜宾模型是最优的,并通过了稳定性检验;从空间杜宾模型效应分解结果来看,在本地效应方面,银行金融集聚和保险金融集聚对本地区经济增长存在显著的正向作用,而证券金融集聚对本地区经济增长有正向作用但不显著;在溢出效应方面,银行金融集聚对周边地区的经济增长存在显著的正向溢出,保险金融集聚对周边地区的经济增长存在显著的负向溢出,而证券金融集聚则对周边地区经济增长影响不显著,这与山西省证券市场发展不成熟相关。

Based on the panel data of 11 prefecture-level cities in Shanxi Province from 2011 to 2018,spatial lag model(SAR),spatial error model(SEM)and spatial Doberman model(SDM)are used to test the spatial spillover effect of banking,insurance and securities financial agglomeration on economic growth.The results show that the spatial Doberman model is optimal and passes the stability test;from the decomposition results of the spatial Doberman model effect,in terms of local effect,banking financial agglomeration and insurance financial agglomeration have significant positive effect on the economic growth of the region,while securities financial agglomeration has positive effect but not significant;in terms of spillover effect,banking financial agglomeration has significant positive spillover on the economic growth of the surrounding areas,and insurance financial agglomeration has significant negative spillover on the economic growth of the surrounding areas,while the impact of securities financial agglomeration on the economic growth of the surrounding areas is not significant,which is related to the immature development of Shanxi securities market.